Debt repayment resolution gaining momentum

NEWS RELEASE
Ted Arnott, MPP
Wellington – Halton Hills
FOR IMMEDIATE RELEASE
April 4, 2012

Debt repayment resolution gaining momentum

(Queen’s Park) – Wellington-Halton Hills MPP Ted Arnott’s resolution on debt repayment is
gaining momentum.

Last week, Mr. Arnott introduced a resolution in the Ontario Legislature calling upon the
Government to commit to a plan to begin paying down its debt once the budget is balanced.
The resolution states:

That in the opinion of this House, after the provincial budget is balanced, the Government
should begin paying down the provincial debt by creating a new line item in the budget,
committing to making a payment on the principal of the provincial debt of at least 2.5 percent
of the program spending of that fiscal year.

Mr. Arnott’s resolution has now received the endorsement of the Canadian Taxpayers
Federation.

In a letter to Mr. Arnott, Derek Fildebrandt, the National Research Director for the Canadian
Taxpayers Federation, expressed his “strong support” for the resolution.

“This motion looks to ensure that if Ontario manages to pull itself out of the financial crisis it
is currently in, that we will begin to undue the long-term damage that has been done after
years of consecutive deficits,” wrote Mr. Fildebrandt. “Making debt repayment a line item in
the budget will help to ensure that ‘surplus’ funds are not frittered away on extra spending at
the end of the fiscal year.”

“…We are strongly encouraged by your continued actions to set a reasonable, attainable
goal for paying down Ontario’s swelling debt load,” he continued.

Mr. Arnott has long believed that debt and deficit reduction need to be higher priorities for
the Provincial Government.

In more than 21 years in the Ontario Legislature, Mr. Arnott has often raised alarm bells on
the provincial debt. It was the focus of his maiden speech in the Legislature as an MPP in
1990 and the subject of two separate motions he introduced in 1997 and 2003. The Liberal
Government voted down Mr. Arnott’s 2003 resolution calling for a debt retirement plan.

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Ontario PC Leader Tim Hudak has also been highlighting the need for debt reduction and
the impact that Ontario’s high debt load will have on the provincial economy.

“Reining in Government debt should be priority number one if we want to invite new
investment and job creation in our province,” Mr. Hudak told the Premier in Question Period
on March 19. “Businesses know that Governments with high levels of debt can’t afford
lower taxes, they can’t afford to invest in infrastructure.”

Mr. Arnott’s resolution is expected to be debated in the Ontario Legislature on April 19.

(Attached is the letter of support from the Canadian Taxpayers Federation)

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Ted Arnott, MPP
Phone: 416-325-3880
Email: ted.arnott@pc.ola.org